(805 ILCS 30/10)(from Ch. 32, par. 408)Sec. 10. The purchase and sale or lease, or the consolidation and merger
authorized by this act, shall not be held or construed as a violation of
the provisions of any ordinance or bond given thereunder, and shall in no
way affect suits pending in which such company or companies shall be
parties, and shall not affect causes of action or rights of individuals in
any particular. In case the property sold and purchased or leased, or
acquired through consolidation and merger, under this act, is subject to
mortgage or other lien, such mortgage or other lien shall be and remain a
lien upon all properties so sold and purchased or leased, or acquired as
aforesaid, so that the same shall be liable for and respond to the payment
of such mortgage or other lien existing at the time of such sale or lease,
or consolidation and merger, before being liable for the payment of the
debts and liabilities of the company so purchasing or leasing such
property, or acquiring the same as aforesaid. Any corporation purchasing or
leasing the real and personal property of any other company or companies as
provided for in section 1, or any consolidated corporation, as authorized
by section 2, shall pay and discharge all debts and liabilities of each
of the companies so entering into said agreement or agreements, and actions
may be brought and maintained and recovery had therefor against the company
so purchasing or leasing, or against such consolidated corporation.(Source: Laws 1897, p. 177.)